Top business stories of 2012

BEADS: A proposed £30bn merger between BAE Systems and EADS collapsed in October after Angela Merkel personally blocked the deal. BAE and EADS decided to abandon talks after it became clear the German Chancellor was opposed to a deal in any form. The failure of the deal threw the future of BAE, Britain's biggest manufacturer, into doubt, with some investors and analysts saying that the failure of the talks left the company far more vulnerable to a break-up or takeover approach.Picture: BAE Systems